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How much principal payment in the second month

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Reference no: EM133032384

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Q1. A $100,000 mortgage note was created, and the note entailed equal monthly payments of $2,500. The interest rate is 1% per month. How much principal payment in the second month?

a. $985

b. $1,515

c. $2,500

d. $1,000

e. None of these

Q2. The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities?

Accounts Payable$32,000

Deferred Income Taxes $61,000

Interest Payable $17,000

Current Portion of Long-term Notes $19,000

Mortgage$92,000

Notes Payable-Short term $11,000

Notes Payable-Long term $41,000

Salaries Payable $7,000

Taxes Payable $23,000

Unearned Revenue $15,000

a. $217,000

b. $194,000

c. $109,000

d. $213,000

e. $124,000

Reference no: EM133032384

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